Azerbaijan, Baku, May 21 / Trend E. Aliyev /
VTB Bank (Azerbaijan) plans to join the top ten largest banks in the country for the next three years, Chairman of the Board of VTB Bank (Azerbaijan) Alexander Eremin told Trend on Monday.
"We plan to expand the bank, by introducing VTB technology, methodology and resource base," he said. "Today, we are very interested in retail and small business, because it is a market with a high level of profitability that is experiencing a boom in Azerbaijan today. It is necessary to act now to take a good position in the future."
He stressed that one of the next steps is to increase the authorized capital of the bank.
"We will increase the registered capital up to 50 million manat and join another segment of corporate services," he said. "We intend to build up the corporate portfolio."
He stressed that there is little time to increase the capital by purchasing one of local banks.
"It is quite a complex transaction that requires much time for implementation," he said. "We have agreed with the second shareholder of VTB Bank (Azerbaijan) - AtaHolding. We have a full understanding of the need for the increase. I think this will happen by late 2013. The capitalization will occur due to the profit of the bank."
Bank VTB (Azerbaijan) JSC, trading in the country since 2009 (under banking license No.162 issued by the Central Bank of the Republic of Azerbaijan on March 11, 2009), is a subsidiary of Bank VTB JSC. The shareholding stands at a 51 per cent of the shares belonging to Bank VTB (Russia) JSC and 49 per cent to AtaHolding.
VTB Group ranks second in all the major indicators in the Russian banking market. VTB Bank JSC has the highest rating of international rating agencies Moody`s Investors Service, Standard & Poor`s and Fitch among Russian banks.
The official exchange rate is 0,7847 AZN/USD on May 21.